Shares in TT Electronics Plc (LSE:TTG) fell sharply on Monday, dropping 17.7%, after DBAY Advisors Limited confirmed it would not move forward with a takeover bid, bringing an end to expectations of a potential bidding contest.
In a regulatory statement released ahead of the 15 December deadline imposed by the Panel on Takeovers and Mergers, DBAY said it “does not intend to make an offer for TT Electronics ”. The decision follows comments made earlier on 9 December, when DBAY disclosed that it was evaluating a possible approach for the electronics group.
Although DBAY has stepped back from pursuing an acquisition, it reiterated its negative view of a rival proposal from Cicor, describing the terms of that offer as “unattractive”. DBAY also confirmed that it plans to vote against Cicor’s proposed scheme of arrangement.
DBAY added that it has retained the option to revisit a potential bid under specific circumstances, including if Cicor were to withdraw its offer or if another third party were to announce a firm intention to make an offer for TT Electronics.
The withdrawal represents a notable shift in the ongoing takeover situation, increasing uncertainty around the company’s future ownership. With DBAY no longer in contention, Cicor’s proposal now stands as the sole active offer for TT Electronics.
More about TT Electronics
TT Electronics Plc is a UK-based global manufacturer of electronic components and systems, serving markets including aerospace, defence, medical, transportation and industrial sectors. The group focuses on providing engineered solutions for performance-critical applications, with operations across Europe, North America and Asia.
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